Key Market Indicators
In 2023, Italian iron ore exports plummeted to approximately $18,000, a stark decline from around $58,000 in 2022, marking a 69% decrease year over year. This continues a long-term trend, with Italian iron ore supply having decreased by 42% annually since 1999. Italy ranked 42nd globally in iron ore exports in 2023, with Kuwait just ahead at the same level. Leading the rankings were Brazil, Canada, and South Africa in second, third, and fourth places, respectively. On the import side, Italian iron ore imports are projected to fall to about $298 million by 2028, down from approximately $484 million in 2023. This represents an annual decline rate of 7.7%. Since 1999, Italian demand for iron ore has decreased by 7.5% each year. In 2023, Italy was the 24th largest importer of iron ore, with the Czech Republic surpassing it with imports valued at $484 million. Japan, South Korea, and Germany were the second, third, and fourth largest importers, respectively.
